VirgoCX is Going Non-Custodial: Next Steps

To read this article in French, click here. For Chinese, click here.
Before reading this article, if you haven't seen the initial announcement, please click here.

Dear Virgos,

As announced earlier today, VirgoCX is changing its business model. Our beloved custodial trading platform will now become non-custodial - Your crypto assets will no longer be held by us on your behalf, you will self-custody your crypto, making it TRULY YOURS.

Why is VirgoCX becoming non-custodial?

VirgoCX was one of the first crypto trading platforms (CTPs) to register as a “restricted” securities dealer back in May 2022. It was a time limited registration with an agreement to become an investment dealer and CIRO member after two years.The pursuit of becoming an investment dealer did not work out, and in alignment with our vision for our future business model, we have made the ultimate decision to transition.

We will continue to be registered as an MSB with FINTRAC, so we can continue to trade crypto with you, but we will no longer be holding crypto for you as an investment. We will send your crypto back to you, so that you can experience, explore and enjoy this technology yourself.

Virgo won’t be a securities dealer when offering the non-custodial service, so you won’t be protected as an investor.

What should you do now?

• If you have any crypto in custody on the VirgoCX platform, withdraw or sell it within 90 days. Until you withdraw or sell your crypto, you will not be able to use our new non-custodial trading service for buying and selling crypto assets. If you have a wallet, withdraw it to your own wallet. If you don't have a wallet, you have 90 days to set up your wallet and withdraw. There is no rush, the important thing is that you are ready to self-custody your own crypto.
• If you use VirgoCX app, update it to the latest version by going to your Apple App Store or Google Play Store. This will avoid any unexpected issues.
• If you have Virgo Bits, consider redeeming them for sats now. After the transition, you will still be able to collect Virgo Bits but you will not be able to redeem Virgo Bits for sats. Redemption to sats will be paused until further notice. Redemption for tier upgrades will be available.
• All open orders (Limit/Stop-Limit/Grid Trading) will be cancelled on April 4, 2025, by 5 PM ET. Grid trading will not be available after the transition.
• If you have Virgo Crypto Gift Cards, make sure to redeem them today. After the transition, Virgo Crypto Gift Cards that are not redeemed will be cancelled and credited back to the issuing users' accounts.

What else should you know?

• Foreign exchange (USD <=> CAD) will be discontinued and USDC-Crypto pairs will be delisted on April 4, 2025, by 5 PM ET.
• 40+ cryptocurrencies will be delisted at a later date - An email with more information will be sent out soon.
• You will not be able to issue new Virgo Crypto Gift Cards after the transition.
• 1% Deposit Match Promotion will be discontinued.

What does this mean?

You can still buy or sell crypto if you choose to use our new non-custodial trading service. You need to be aware of what happens with deposits and withdrawals.

• Buying: After you buy crypto, within ~10 minutes, it will be automatically sent to the wallet address that you provide. You can also choose to withdraw it earlier via manual withdrawal. You will be required to add your own designated wallet address prior to placing a Buy order.
• Selling: If you deposit crypto, you will have 4 hours to sell or withdraw it. If you don't confirm a sell order within 4 hours after sending crypto to your account, we will complete the trade at the market price and credit the fiat purchase price to your account. After you sell crypto, you will have 48 hours to either withdraw your CAD (or USD) to your bank account or buy crypto.

Reminder: Please provide us with the CORRECT wallet address for EACH CRYPTO ASSET you wish to buy or withdraw. Any mistakes will result in loss of your crypto. You are free to use any software wallet, hardware wallet or other trading platform deposit addresses of your choice.

What if you have crypto in custody on the Platform but no wallet for withdrawal?

There is no rush. If you have crypto on in custody on the Platform right now, you can keep it there for 90 days. You may use this time to set up your crypto wallet and withdraw when you are ready.

Note: 90 days later, on July 3, 2025, any crypto assets remaining in your custodial account will be sold for CAD and we will send the remaining fiat to your bank account after deducting any applicable fees.

Beware of scammers!

Do not fall for any scams or frauds where you are told to withdraw your crypto to a wallet that you do not control. Once lost, you may not be able to get your crypto back. Spend some time, do your research and create your wallet correctly. You have 90 days to withdraw or sell your crypto.

We will work hard to make this transition easy for you while also making sure that your assets are safely transferred to you. Thank you for your understanding. If you have further questions, please contact us at [e-mail].

Yours truly,

VirgoCX Team